The company also said earlier this month that it now expects sales to rise about another 60% this year to a range of $1.44 billion to $1.52 billion. Roblox posted revenue of nearly $925 million last year, up 82% from 2019. That’s a big – and rapidly growing business. More than half of those sales are through the app stores of Apple The company generates nearly all of its revenue from the sale of its Robux currency, which can be used to purchase in-game virtual objects. Roblox is free to download on phones, tablets and consoles. His stake in the company is now worth more than $4 billion. “Roblox is an amazing community where people are creating together,” said Roblox CEO and co-founder David Baszucki in an interview with CNN Business Wednesday. Roblox describes itself as a “metaverse” where players can make their own avatars and environments to play in, such as virtual theme parks or scuba diving. Shares of the popular video game platform debuted on Wall Street and surged nearly 55% to $69.50, valuing the company at more than $45 billion. Roblox had looked to treat all the revenue the same and amortize it over the duration of its paying user accounts, which is around two years.Investors weren’t making the trademark “oof” Roblox death sound Wednesday. Players use Robux in the game to buy a mix of durable goods which last for a period of time and consumable goods which are used immediately. The SEC has reservations over the way in which Roblox recognizes revenue from the sale of its currency, Robux, on its platform, according to the memo seen by Reuters. Roblox’s valuation skyrocketed to $29.5 billion in a fundraising round earlier this month, more than seven times the $4 billion the company was valued at 11 months earlier, amid a surge in the popularity of video games during the COVID-19 pandemic. The company had said in a regulatory filing earlier this month that it was aiming to list shares on the New York Stock Exchange in February. The delay is a setback for one of the most eagerly-anticipated U.S. FILE PHOTO: A girl adds a face mask to her character on the game 'Roblox' at her home in Manchester, as the spread of the coronavirus disease (COVID-19) continues, Manchester, Britain, April 5, 2020.
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